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Grumbles about passive investing are not entirely wrong
對被動投資的抱怨並非毫無道理

New research bolsters the view that it is undermining the efficient markets hypothesis
新研究表明,被動投資將削弱效率市場假說。由於被動投資,股票反映基本面和衝擊的能力變差。

Passive investment is a reasonably simple process that generates more than its fair share of bellyaching. Users love it. Rather than poring over spreadsheets to try to beat the broader market, investors from have-a-go punters to big institutions can buy dirt-cheap exchange-listed market trackers and save the bother.

被動投資是一個相當簡單的過程,它引發的抱怨比它理應得到的要多。用戶喜歡被動投資。從試試水的賭客到大型機構,各種投資者都可以購買費用極低的交易所上市市場追蹤工具,從而省去了麻煩,無需埋頭研究報表,試圖跑贏大盤。

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